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Quarter's Profits Point to a Record

By

Paul Vigna And

John Shipman

Updated April 29, 2011 12:01 a.m. ET

With first-quarter results out at slightly more than half of the S&P 500-index companies, profits at America's biggest corporations are running 26% higher than a year ago, and are on track to post a quarterly record of $22.05 a share.

In what would be the seventh-straight quarter of double-digit earnings gains since the recession, these companies are now producing better profits through stronger revenue, rather than mainly through cost cuts. Sales for the S&P index are now expected to be $262.50 a share for the first...